Biotech Values

[iwfal]

OK, conservatively... MNTA will 'earn' $250M - $300M per year from m-enoxaparin

You are forgetting that after the first $250M in sales they will have to pay taxes. OTOH I tend to believe that their pre-tax earnings haven't yet hit their stride. Nonetheless in aggregate (of these two effects) I'd be surprised if they made $300M/Yr cash*.

*As I was helped to understand, from an earnings standpoint MNTA could claim a large bolus of revenue from the tax benefit. Hence it is easier to discuss cash flows.